Food Lion 2009 Annual Report Download - page 115

111
SUMMARY STATUTORY ACCOUNTS
OF DELHAIZE GROUP SA
HISTORICAL FINANCIAL OVERVIEW CERTIFICATION OF RESPONSIBLE
PERSONS
REPORT OF THE STATUTORY AUDITOR
SUPPLEMENTARY INFORMATION
Cumulative Translation Adjustment
The cumulative translation adjustment relates to changes in the balance of assets and liabilities due to changes in the functional currency of the
Group’s subsidiaries relative to the Group’s reporting currency. The balance in cumulative translation adjustment is mainly impacted by the apprecia-
tion or depreciation of the U.S. dollar to the euro.
Capital Management
Delhaize Group’s objectives for managing capital are to safeguard the Group’s ability to continue as a going concern and to maximize share-
holder value while keeping sufficient flexibility to execute strategic projects and reduce cost of capital. The Group monitors capital by using the
same debt/equity classifications as applied in its IFRS reporting.
During 2009, the capital and share premium of Delhaize Group increased by EUR 14 million.
Non-controlling Interests
Non-controlling interests represent third-party interests in the equity of fully consolidated companies that are not wholly owned by Delhaize
Group.
Non-controlling interests (in millions of EUR) December 31,
Note 2009 2008 2007
Belgium 1 1 1
Greece 4.2 16 51 48
Total 17 52 49
17. Dividends
On May 28, 2009, the shareholders approved the payment of a gross dividend of EUR 1.48 per share (EUR 1.11 per share after deduction of the
25% Belgian withholding tax) or a total gross dividend of EUR 149 million. On May 22, 2008, the shareholders approved the payment of a gross
dividend of EUR 1.44 per share (EUR 1.08 per share after deduction of the 25% Belgian withholding tax) or a total gross dividend of EUR 144 mil-
lion.
With respect to the current year, the Board of Directors proposes a gross dividend of EUR 1.60 per share to be paid to owners of ordinary shares
against coupon no. 48 on June 3, 2010. This dividend is subject to approval by shareholders at the Ordinary General Meeting of May 27, 2010
and has therefore not been included as a liability in Delhaize Group’s consolidated financial statements prepared under IFRS. The total estimated
dividend, based on the number of shares outstanding at March 10, 2010 is EUR 161 million. The payment of this dividend will not have income
tax consequences for the Group.
As a result of the potential exercise of warrants issued under the Delhaize Group 2002 Stock Incentive Plan, the Group may have to issue new
ordinary shares, to which payment in 2010 of the 2009 dividend is entitled, between the date of adoption of the annual accounts by the Board
of Directors and the date of their approval by the Ordinary General Meeting of May 27, 2010. The Board of Directors will communicate at the
Ordinary General Meeting of May 27, 2010 the aggregate number of shares entitled to the 2009 dividend and will submit at this meeting the
aggregate final amount of the dividend for approval. The annual statutory accounts of Delhaize Group SA for 2009 will be modified accordingly.
The maximum number of shares which could be issued between March 10, 2010, and May 27, 2010, assuming that all vested warrants were
to be exercised, is 2 801 734. This would result in an increase in the total amount to be distributed as dividends to a total of EUR 4 million. Total
outstanding non-vested warrants at March 10, 2010 amounted to 1 059 973, representing a maximum additional dividend to be distributed of
EUR 2 million.